United Bank for Africa Plc has reported gross earnings of ₦801.5 billion for the first quarter (Q1) ended March 31, 2026, representing a 5 percent increase from the corresponding period of 2025.
Interest income rose by 6.9 percent to ₦641.1 billion, supported by improved yield on earning assets and sustained loan growth across key markets.
Non-interest income grew stronger at 17.3 percent to ₦137.1 billion amid increased transaction volumes, digital banking activities, and diversified revenue streams across the Group’s pan-African operations.
Net interest income advanced by 10.5 percent to ₦383.7 billion, while operating income increased by 12.2 percent to ₦520.8 billion.
However, profit before tax declined to ₦160.7 billion, while profit after tax dropped to ₦146.6 billion, representing decreases of 21.4 percent and 22.8 percent respectively, in line with management’s guidance on earnings normalisation during the current financial year.
The bank recorded improvement in key performance indicators with return on average equity rising to 13.7 percent and return on assets improving to 1.77 percent, indicating better earnings efficiency.
Cost of risk declined significantly to 2.02 percent, reflecting improved asset quality and disciplined credit risk management, while cost of funds eased to 3.73 percent from 3.83 percent in December 2025.
On the balance sheet, total assets stood at ₦33.1 trillion, supported by strong customer deposits of ₦26.2 trillion, highlighting the bank’s robust liquidity position and funding base.
Group Managing Director and Chief Executive Officer, Oliver Alawuba, said the performance reflects the strength of the bank’s diversified operating model and resilience across its markets, despite a transitional earnings phase.
“Our Q1 2026 performance underscores the strength of our diversified pan-African model and the resilience of our core banking franchises. While profitability has moderated in line with our expectations for a transition year, we are seeing strong underlying momentum across our markets, supported by improved earnings quality and disciplined risk management,” he said.
He added that continued investments in digital capabilities and regional expansion are enhancing revenue resilience and positioning the Group for sustainable long-term growth.
Also commenting, Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said the results reflect a deliberate shift towards a more sustainable earnings profile following the bank’s recapitalisation efforts.
“The Group’s Q1 performance reflects a deliberate shift towards a more sustainable and scalable earnings profile following our successful recapitalisation. Key profitability indicators show improvement on a year-to-date basis, despite the normalisation of headline earnings,” he stated.
He added that the bank’s balance sheet remains strong, supported by a diversified funding base and disciplined loan growth, positioning the Group to drive operating leverage and long-term value creation.
The bank said it expects 2026 to remain a transition year, characterised by continued investments in digital transformation, enhanced risk management frameworks, and a stronger focus on sustainable earnings growth across its African operations.
With presence in 20 African countries and international offices in key global financial centres, United Bank for Africa Plc said it remains well capitalised and strategically positioned to deliver long-term value to stakeholders.